Sydney Leading The Way As Australian Real Estate Prices Shoot Up

Residential property prices increased in every capital city in Australia in the December quarter of 2013, according to the latest figures released today by the Australian Bureau of Statistics (ABS).

The figures show that the Residential Property Price Index (RPPI), a measure including houses and attached dwellings, for the weighted average of the eight capital cities rose 3.4% during the quarter and 9.3% over the last year. Established house prices rose 3.5% and attached dwelling prices rose 3% in the quarter.

Sydney continued to grow at the fastest rate across the country, with house prices rising 4.9% in the December quarter 2013, the third consecutive quarter for which Sydney has had the largest rise in house prices of any capital city.

House prices in Melbourne increased by 2.8%, Perth saw a 3.5% rise, Brisbane at 3% increase, Adelaide a 2.8% rise, Hobart a 2.3% rise, Darwin a 2.7% rise and Canberra a 0.4% increase.

Prices for attached dwellings, which includes flats and apartments, rose in all capital cities except Darwin with a fall of 0.4%. Prices went up in Sydney by 4.4%, in Melbourne by 1.9%, in Perth by 2.6%, in Brisbane by 2.2%, in Adelaide by 1.5%, in Hobart by 0.7% in and Canberra by 0.1%.

The new statistics are being published as part of the ABS program to enhance macroeconomic statistics in Australia. These new figures also include a measure of the total value of residential properties in Australia, which has risen to $5.02 trillion in the December quarter 2013, up from $4.83 trillion in the September quarter.

They also show that the average price of Australia's 9.3 million residential properties is now $539,400, up from $496,800 in the December quarter of 2012.